The latest market report published by Acute Market Reports “Global Passenger Service System (PSS) Market - Growth, Future Prospects, and Competitive Analysis, 2020 - 2028,” the passenger service system market was valued at USD 9,430.1 Mn in 2019 however, the market took a significant dip of about 45% in the year 2020 due to the curtailed air travel resulting from the COVID-19 travel restrictions. Thereby, the PSS market is estimated to reach a value of US$ 5,186.6 Mn in 2020 and is expected to grow slowly at a CAGR of 6.5% during the forecast period from 2020 to 2028.
Browse the full report Passenger Service System (PSS) Market - Growth, Future Prospects, and Competitive Analysis, 2020 - 2028 report at https://www.acutemarketreports.com/report/passenger-service-system-pss-market
Market Insights
For efficient management of an airline front-end operations especially related to passengers requires a suite of solutions known as passenger service systems (PSS). The key passenger services provided by the PSS solution suite comprises online booking, customer care, reservation, loyalty, and check-in & check-out status. According to market experts, in the coming years, there will be high demand for passenger service systems due to the increasing need to offer higher convenience and passenger safety across all major airports across the world. Increasing market entry of new medium and small-scaled airline operators across the Asia Pacific, MEA, and South America region is anticipated to rise the adoption of passenger service system.
The airline industry has become more aware of re-defining customer experience in order to increase the value of each passenger. Information technology has been considered as the cost center at most airlines and airports both private and public airline operators are trying to overcome challenges by achieving balance in investments and returns. The key factors expected to assist the market over the next few years are the increasing need for core passenger service solutions, departure control systems, involving airline reservation systems, and internet booking systems among new medium and low-cost carriers.
In 2019, it was observed that North America dominated the global PSS market with a market share of over 25%. The key factors assisting the growth of this market are the presence of lucrative opportunities for market players, availability of a large pool of well-established airline operators, and a large number of passengers are boosting the demand for PSS in North America. During the forecast period 2020 - 2028, the Asia Pacific PSS market is expected to be the fastest-growing region in terms of revenue due to higher demand in the tourism industry in South East Asia and Australia. In Latin America and the Middle East and Africa, it was observed that there will be comparatively stable growth over the next few years, especially due to the market entry of new small and medium airline operators.
The key players operating in the PSS market are Radixx International Inc., Hexaware Technologies Ltd., Bravo Passenger Solutions Pte Ltd., Hitit Computer Services A.S., SITA NV, Unisys Corp., Enoya-one Ltd. (AeroCRS), Sabre Corp., Intelisys Aviation Systems Inc., IBS Software Services Pvt. Ltd., Travelport Worldwide Ltd., Enoya-one Ltd. (AeroCRS), Amadeus IT Group SA, Information Systems Associates FZE, Travel Technology Interactive, Mercator Ltd., KIU System Solutions, Sirena-Travel JSCS, and Travelsky Technology Ltd.
Key Market Movements:
